View Our Homes http://www.view-our-homes.com a blog about Calgary and Area Real Estate en-ca (C) 1996-2017 Norm Rousseau & Sylvia Garrett MaxWell Realty 120 Wed, 04 Oct 2017 10:49:33 G10T Wed, 04 Oct 2017 10:49:33 G10T http://www.view-our-homes.com/Post/60dcc7fe-784d-41d1-bbdb-64d107d9c933 Wed, 04 Oct 2017 10:49:33 G10T http://www.view-our-homes.com/Post/60dcc7fe-784d-41d1-bbdb-64d107d9c933 <p>By the end of October 2017 we should have a clear idea of proposed changes to mortgage lending regulations with updated B-20 rules implemented within two to three months.<br>Speaking at an event in Toronto, OSFI superintendent Jeremy Rudin said Tuesday that much of what will become the updated regulations will be what the regulator set out in July which includes a stress test for all uninsured mortgages.<a href="http://www.view-our-homes.com/File/istockdocumentpaperworkreadingsigningverifyingcheck000028626732small2.jpg"><img width="448" height="297" title="iStock_document-paperwork-reading-signing-verifying-check_000028626732_Small" align="left" style="margin: 13px 24px 2px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="iStock_document-paperwork-reading-signing-verifying-check_000028626732_Small" src="http://www.view-our-homes.com/File/istockdocumentpaperworkreadingsigningverifyingcheck000028626732smallthumb.jpg" border="0"></a><br>He told the Economic Club of Canada audience that the Office of the Superintendent of Financial Institutions is concerned about the high levels of consumer debt and high real estate prices in some markets.<br>"We are not waiting to see those risks crystallize in rising arrears and defaults before we act," Mr Rudin stated.<br>The superintendent says that it has never been more important for mortgage lending underwriting criteria to be strong and that the system needs a “certain integrity.”<br>Mr Rudin said that although there is a risk of more borrowers using unregulated lenders for mortgages that did not preclude OSFI from taking necessary steps within its mandate. Stricter mortgage rules could be in place by January 2018 Norm Rousseau http://www.view-our-homes.com/Post/9e889aab-6139-48e4-a038-852a01684115 Tue, 03 Oct 2017 01:15:40 G10T http://www.view-our-homes.com/Post/9e889aab-6139-48e4-a038-852a01684115 <p>HOUSING MARKET FACTS<p>Both the North and Southeast have reached record high inventory levels for September. This is likely related to the new construction activity as these districts are in areas with significant amounts of new housing projects. Despite city wide easing, third-quarter sales improved in the East, West, South and Southeast areas of the City.<a href="http://www.view-our-homes.com/File/capture.gif"><img width="534" height="321" title="Capture" align="left" style="margin: 12px 16px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.gif" border="0"></a> September detached prices eased in most districts compared to last year. However, on a year-to-date basis, only the Northeast, South and East districts have prices just below last year’s levels. City-wide inventory gains occurred across all price ranges. The gains were broader based in the detached and apartment sectors. However, most the gains in the attached sector occurred in the $300,000 - $399,999 range. For the second month in a row attached prices remained relatively unchanged at $336,000, keeping year-to-date figures just below last year’s levels. However, yearly price changes do vary between the semi-detached product, which remains four per cent higher than 2016. The row product is nearly four per cent lower than last year’s levels. September 2017 Housing Market Facts Norm Rousseau http://www.view-our-homes.com/Post/817b99bb-d55d-4acf-8572-63b01199ffd9 Tue, 03 Oct 2017 01:04:12 G10T http://www.view-our-homes.com/Post/817b99bb-d55d-4acf-8572-63b01199ffd9 <p>The Big Picture Inventory increases and sales drop in September, but overall sales for the year remain higher than last year.<p>September 2017<p>City of Calgary, October 2, 2017 – Strong gains in the first-half of 2017 has put the Calgary year-to-date sales at seven per cent above last years’ levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.<a href="http://www.view-our-homes.com/File/capture.gif"><img width="533" height="370" title="Capture" align="left" style="margin: 6px 19px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.gif" border="0"></a><p>Inventories rose across all property types to 6,861 units, while both apartment and attached-style properties saw the highest inventory on record for the month of September.<p>“The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold,” said CREB® chief economist AnnMarie Lurie. <p>“Some may consider this a setback, but it is important to note that recent movements are balancing out the higher than expected gains that occurred in the first-half of the year.” <p>New listings in September totaled 3,266 units, a year-over-year gain of nearly 10 per cent.<p>“There are several factors influencing new listings. Given the falling prices over the past two years, some sellers were waiting for market conditions to improve prior to listing their homes. More stability in the market has prompted many of those sellers to no longer delay their listing decision,” said CREB® president David P. Brown.<p>“In some segments, rising new home inventories are also impacting total housing supply. Ultimately, prices are affected. However, this inventory also opens up opportunity for buyers to step up into a home that was financially unattainable.” <p>As of September, unadjusted benchmark prices totaled $441,500. This is 0.2 per cent below last month, but nearly one per cent above last year. Downward price pressure this month occurred across most product types. However, year-to-date benchmark prices in the detached sector remain comparable to last year.<p>Prices in the detached sector remain relatively stable compared to last year. Condominium apartment prices remain four per cent below 2016 levels and twelve per cent below 2014 highs. This sector continues to struggle with price declines resulting from excess supply as months of supply pushed above eight months. September 2017 CREB Stats Norm Rousseau http://www.view-our-homes.com/Post/37352839-e85e-44cb-90cb-d16b315921a1 Mon, 04 Sep 2017 01:39:38 G9T http://www.view-our-homes.com/Post/37352839-e85e-44cb-90cb-d16b315921a1 <p>City of Calgary, September 1, 2017 – Sales posted a modest gain in August, but a rise in new listings kept inventory levels elevated.<p>Inventories totaled 6,624 units, where over half were comprised of attached and apartment style properties. While inventories were 16 per cent higher than August 2016 levels, the slight rise in sales prevented further gains in the months of-supply, which remain just above four months.<a href="http://www.view-our-homes.com/File/capture.png"><img width="534" height="224" title="Capture" align="left" style="margin: 8px 21px 3px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.png" border="0"></a><p>“Employment growth is contributing to the stability in sales activity, but it is not enough to meet the recent rise in listings and make a substantial dent in inventory levels,” said CREB® chief economist Ann-Marie Lurie. <p>“Unemployment rates remain elevated and job growth is mostly occurring outside the energy sector, slowing the recovery process. Broader economic improvements will be required prior to it translating into substantial improvements in the housing market.” CREB Stats August 2017 Norm Rousseau http://www.view-our-homes.com/Post/dfbb0ce7-a042-44c6-9ffb-75eec5c3d477 Mon, 28 Aug 2017 03:53:47 G8T http://www.view-our-homes.com/Post/dfbb0ce7-a042-44c6-9ffb-75eec5c3d477 <h3>News by REP28 Aug 2017</h3><p>Finance Minister Bill Morneau has admitted last year’s mortgage rule changes aimed at cooling the housing market have had the intended effect.<br>“Preliminary data received since the government implemented its most recent adjustments to mortgage rules in October, 2016, suggests that the rule changes are having their intended effect,” Morneau said in a letter to the finance committee, per the Globe and Mail. “A decline in the share of new insured loans issued to highly-indebted borrowers suggests that the quality of credit is improving in the high-ratio mortgage market.<a href="http://www.view-our-homes.com/File/signing-contract2.jpg"><img width="331" height="220" title="184121986" align="left" style="margin: 12px 18px 2px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="184121986" src="http://www.view-our-homes.com/File/signing-contractthumb.jpg" border="0"></a><br>“This development helps to ensure that Canadians are taking on mortgages that they can afford.”<br>Indeed, a recent report from TransUnion suggested mortgage originations have been impacted by last year’s rules, which included a mortgage stress test.<br>The agency reported a 10.4% decline in origination volumes in Q1 2017 compared to Q1 2016.<br>That included a 12% drop in prime mortgages and a 5% decline for “super” prime consumers. Further proof of mortgage rule impact Norm Rousseau http://www.view-our-homes.com/Post/15f4ec83-954d-44ff-b4cc-a18bc5a7764e Mon, 21 Aug 2017 11:39:48 G8T http://www.view-our-homes.com/Post/15f4ec83-954d-44ff-b4cc-a18bc5a7764e <p>If you are thinking of buying or renewing your mortgage then this is a read for you?</p><p>Two of RateSupermarket.ca’s three expert panellists believe fixed mortgage rates will increase in the next 30-45 days.<br>“Mortgage interest rates have increased, but not by as much as bond yields, so there is some room for fixed rate mortgage costs to increase, by as much as a quarter point from current levels,” Will Dunning, chief economist for Mortgage Professionals Canada, said on the panel. “Furthermore, economic indicators in Canada have certainly improved, with employment increasingly strongly. Consumer spending has also accelerated recently, which is a solid indication that confidence in the economy has improved. <br>“So once again, some increase in interest rates is justifiable.”<a href="http://www.view-our-homes.com/File/prices-going-up2.jpg"><img width="346" height="249" title="Prices going up" align="left" style="margin: 6px 19px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Prices going up" src="http://www.view-our-homes.com/File/prices-going-upthumb.jpg" border="0"></a><br>The panel’s resident mortgage expert, Dan Eisner of Truth North Mortgage, agrees with Dunning’s assessment.<br>“Bond yields have been trading at their highest point since late 2014.&nbsp; And although we have seen five-year fixed rates move up lately, more rate increases may be coming,” he said. “This is leading to more worrying in the long-term regulatory environment. Some new regulations are coming into force this winter which could make is more difficult to qualify for the mortgage you want.”<br>The one dissenting voice was Dr. Ian Lee, a program director at Carleton University.<br>“Changes to mortgage financing rules have not only reduced the amount of marginal borrowers, but also the borrowers that would not be considered marginal in ordinary times,” he said. “The remaining eligible borrowers are much more credit worthy, and as such, they have increased negotiating power in a mortgage market with a plentiful supply of funds. This will temper forces to push rates up eventually.”<br>One thing all three panellists agreed on is that the Bank of Canada will stand pat on its overnight rate in the next 30-45 days, meaning variable rates are also expected to remain unchanged.</p> Mortgage rates are going up, according to a panel of experts. Norm Rousseau http://www.view-our-homes.com/Post/1cbff566-9bf7-492f-8308-59dba79671e2 Fri, 18 Aug 2017 11:08:39 G8T http://www.view-our-homes.com/Post/1cbff566-9bf7-492f-8308-59dba79671e2 <p>Real Estate Council of Alberta (RECA)<p><b>Purpose: This bulletin describes the Residential Measurement Standard (RMS) in Alberta, which licensed real estate professionals must use when measuring residential properties.</b><p><b>This bulletin applies to all real estate professionals.</b><p>Property measurement is the process of identifying and quantifying the physical area of a property. A measurement standard is a consistent methodology to determine an area; such standards are based on transparent, uniform principles and protocols.<a href="http://www.view-our-homes.com/File/house-measure2.jpg"><img width="300" height="188" title="House measure" align="left" style="margin: 4px 14px 1px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="House measure" src="http://www.view-our-homes.com/File/house-measurethumb.jpg" border="0"></a><p>The Residential Measurement Standard (RMS) contains nine principles, which licensed real estate professionals must follow when measuring residential properties. The RMS does not apply when real estate professionals measure non-residential properties, such as commercial, industrial, or retail premises.<p>RECA does not require sellers or their real estate representatives to represent a property’s size when marketing it. However, if they are including property size in their listing information or marketing materials, it needs to be an accurate representation of the RMS area. RECA - Residential Measurement Standard (RMS) Norm Rousseau http://www.view-our-homes.com/Post/7a2825d1-4051-4cb9-b214-97aefcab1173 Sat, 05 Aug 2017 02:54:30 G8T http://www.view-our-homes.com/Post/7a2825d1-4051-4cb9-b214-97aefcab1173 <p><font size="4">Market sees modest inventory gains, but overall prices inch up.</font><p>City of Calgary, August 1, 2017 – Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year.<a href="http://www.view-our-homes.com/File/capture.png"><img width="606" height="273" title="Capture" align="left" style="margin: 3px 24px 11px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.png" border="0"></a><p>City-wide sales totaled 1,637 units, six per cent below July 2016 levels. Year-to date sales activity totaled 11,957 units, nine per cent above last year.<p>“Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement,” said CREB® president David P. Brown.<br clear="all"></p> CREB Stats July 2017 Housing recovery remains a work-in-progress Norm Rousseau http://www.view-our-homes.com/Post/d3c49b5d-23f9-4fdc-8fa7-3801d2429201 Tue, 18 Jul 2017 02:31:24 G7T http://www.view-our-homes.com/Post/d3c49b5d-23f9-4fdc-8fa7-3801d2429201 <p>by REP17 Jul 2017<p>A new report reveals Canadian sentiment about home buying in Canada – including just how impactful the stress test might be.<p>In its latest report, entitled Consumers’ Perspectives on Home buying in Canada, Mortgage Professionals Canada aimed to simulate what percentage of prospective homebuyers would be impacted by the stress test policy that requires high ratio buyers to qualify at the posted rate of 4.64%.<a href="http://www.view-our-homes.com/File/mortgagerulesconcept2.jpg"><img width="368" height="245" title="mortgage_rules_concept" align="left" style="margin: 18px 23px 11px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="mortgage_rules_concept" src="http://www.view-our-homes.com/File/mortgagerulesconceptthumb.jpg" border="0"></a><p>According to the simulation – which included buyers with less than 20% down payment who could afford a market interest rate of 2.6% -- 20% would fail the stress test and therefore would not qualify for mortgage financing.<p>Of those who would fail, 45% said they would increase their down payment amount; 45% said they would buy a less expensive home; 20% would look outside their original targeted region; 39% would delay their purchase; 5% would do something else; and 7% did not know what to do. Buyers work around mortgage stress test Norm Rousseau http://www.view-our-homes.com/Post/d9007db2-b819-44ef-92aa-21bc797065f0 Fri, 14 Jul 2017 10:58:45 G7T http://www.view-our-homes.com/Post/d9007db2-b819-44ef-92aa-21bc797065f0 <p>This was the biggest Stampede Breakfast I ever helped organize and a great volunteer group of cooks fed 2,350 stampede guests. This event took a total of over 100 volunteers to pull it off! Congratulations everyone.<p><a href="http://www.view-our-homes.com/File/img0003.jpg"><img width="534" height="400" title="IMG_0003" align="left" style="margin: 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="IMG_0003" src="http://www.view-our-homes.com/File/img0003thumb.jpg" border="0"></a><a href="http://www.view-our-homes.com/File/img0008.jpg"><img width="534" height="400" title="IMG_0008" align="left" style="margin: 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="IMG_0008" src="http://www.view-our-homes.com/File/img0008thumb.jpg" border="0"></a><a href="http://www.view-our-homes.com/File/img0011.jpg"><img width="534" height="400" title="IMG_0011" align="left" style="margin: 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="IMG_0011" src="http://www.view-our-homes.com/File/img0011thumb.jpg" border="0"></a><a href="http://www.view-our-homes.com/File/img0014.jpg"><img width="534" height="400" title="IMG_0014" align="left" style="border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="IMG_0014" src="http://www.view-our-homes.com/File/img0014thumb.jpg" border="0"><br></a> Southview Church Stampede Breakfast July 13, 2017 Norm Rousseau